Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
The Goldman Sachs technology M&A team, led by Sam Britton, has cashed in on its software focus and decades of experience to dominate 2019's biggest deals.Technologyread more
American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
The summit comes amid fears over a global economic slowdown, and U.S. tensions over trade allies, Iran and Russia.Politicsread more
Carl Medlock used to work at Tesla. Now he's one of the few people in the U.S. that can fix the company's original Roadster electric vehicles.Technologyread more
The world's second biggest economy is past a point where it cannot ignore its enormous debt anymore, according to an analyst.China Economyread more
Trump does have some powerful tools that would not require approval from U.S. Congress.Politicsread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
As demand for lab monkeys continues to rise, U.S. scientists are reporting delays in research projects because they can't obtain enough animals, according to the National...Politicsread more
The European Union will respond in kind if the U.S. imposes tariffs on France over digital tax plan, EU chief Donald Tusk told G-7.Technologyread more
JPMorgan Chase could become the first foreign company to own a majority stake in its Chinese mutual fund business, after its joint venture partner put a crucial 2% of the business up for sale that analysts expect the Wall Street bank to lap up.
A move by JPMorgan towards that goal would come at a tense time in U.S.-China ties, as Chinese Vice Premier Liu He is set to continue trade negotiations with the United States that were roiled after U.S. President Donald Trump said on Sunday he would raise tariffs.
Under new rules announced in late 2017, foreign asset managers can own up to 51% of their Chinese mutual fund joint ventures, though, so far, no company has managed to do so.
J.P. Morgan Asset Management (JPMAM) currently owns 49% of China International Fund Management (CIFM), while Shanghai International Trust, belonging to Shanghai Pudong Development Group, owns 51%.
Shanghai International Trust said in a posting on the Shanghai United Assets and Equity Exchange website it is auctioning a 2% stake.
"This is a very, very critical step because this potentially could open the doorway for a number of other deals to begin working their way through the process," said Peter Alexander, founder and managing director of fund consultancy Z-Ben Advisors.
Alexander added he had "a high conviction level" that JPMorgan will be the buyer and that the purchase price will be watched closely, as it will offer a guidance on the premium foreign firms need to pay for control of a Chinese fund venture.
The open bidding process begins on May 8, and will continue until June 4.
Last year, JPMorgan said that its asset management unit was "pursuing its desire and intent to increase its current joint venture stake in China International Fund Management to a majority interest."
A spokeswoman for JPMAM declined to comment on Shanghai International Trust's move.
Were JPMAM to win the auction, it would still need approval from Chinese regulators to reach 51%.
Morgan Stanley became the largest shareholder last month in its joint venture, but remains short of majority control.
A number of foreign asset managers, including JPMAM, wholly own companies in China which hold private securities fund management licenses. However, these licenses do not allow them to sell products to mass market retail investors, something that is allowed for mutual fund management joint ventures.
Lack of access to the China market for foreign companies, including financial services firms, is one major area of contention in the trade dispute between China and the United States, and Z-Ben Advisors' Alexander said that the stake auction by JPMorgan's Chinese fund partner could be seen in the context of the trade talks.
"You know this could have been done ages ago. Why now? I don't believe in coincidence," he said.